SF 1094

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to real estate; regulating compensation paid 
  1.3             by licensees to tenants for referrals; amending 
  1.4             Minnesota Statutes 1996, section 82.19, subdivision 3. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1996, section 82.19, 
  1.7   subdivision 3, is amended to read: 
  1.8      Subd. 3.  No real estate broker, salesperson, or closing 
  1.9   agents shall offer, pay, or give, and no person shall accept, 
  1.10  any compensation or other thing of value from any real estate 
  1.11  broker, salesperson, or closing agents by way of 
  1.12  commission-splitting, rebate, finder's fees, or otherwise, in 
  1.13  connection with any real estate or business opportunity 
  1.14  transaction; provided.  This subdivision does not apply to 
  1.15  transactions (1) between a licensed real estate broker or 
  1.16  salesperson and the person by whom the broker or salesperson is 
  1.17  engaged to purchase or sell real estate or business opportunity, 
  1.18  (2) among persons licensed as provided herein, (3) between a 
  1.19  licensed real estate broker or salesperson and persons from 
  1.20  other jurisdictions similarly licensed in that jurisdiction, and 
  1.21  (4) involving timeshare or other recreational lands where the 
  1.22  amount offered or paid does not exceed $150, and payment is not 
  1.23  conditioned upon any sale but is made merely for providing the 
  1.24  referral and the person paying the fee is bound by any 
  1.25  representations the person receiving the fee makes, and (5) 
  2.1   involving a person who receives the value of less than one 
  2.2   month's rent as a referral fee paid by the owner, manager, or 
  2.3   employee of a residential property if the recipient is a current 
  2.4   or recently departed resident of the property who is not in the 
  2.5   business of making referrals, and is not a member of a household 
  2.6   whose members in the aggregate have made more than three 
  2.7   compensated referrals in the past 12 months.  A licensed real 
  2.8   estate broker or salesperson may assign or direct that 
  2.9   commissions or other compensation earned in connection with any 
  2.10  real estate or business opportunity transaction be paid to a 
  2.11  corporation of which the licensed real estate broker or 
  2.12  salesperson is the sole owner.